For superstar athletes
A) their entire earnings are economic rent.
B) part of their earnings are economic rent.
C) none of their earnings are economic rent since rent doesn't apply to labor.
D) none of their earnings are economic rent since they will do some other work once they are too old to be an athlete.
B
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Rational behavior for an economist means that individuals
A) are motivated by self-interest. B) never change their minds. C) always make positive choices. D) are self-sacrificing.
Which of the following statements is correct?
a. If duopolists successfully collude, then their combined output will be equal to the output that would be observed if the market were a monopoly. b. Although the logic of self-interest decreases a duopoly's price below the monopoly price, it does not push the duopolists to reach the competitive price. c. Although the logic of self-interest increases a duopoly's level of output above the monopoly level, it does not push the duopolists to reach the competitive level. d. All of the above are correct.
If MPC = 0.75 (and there are no income taxes but only lump-sum taxes) when T decreases by 100, then the IS curve for any given interest rate shifts to the right by:
What will be an ideal response?
If expected inflation increases:
A. the short-run Phillips curve remains unchanged. B. the short-run Phillips curve shifts up. C. the short-run Phillips curve shifts down. D. there is a movement along a short-run Phillips curve.